Sometimes the most challenging part of filing your taxes is simply knowing what to do with all the paperwork (or pdf-work? Is that a term?) that arrives in the mail (or your inbox). Similar names and unfamiliar structures don’t help, so today we’re going to break down three common tax forms that sound similar but…
Yes, the ACA’s individual mandate penalty is still in effect, and will continue to be in effect in 2018. If you’re uninsured in 2018 and not eligible for an exemption, you’ll owe a penalty when you file your taxes in early 2019. But after that, the penalty will not be assessed. Nearly eight years after…
The IRS uses LTR 12C (see upper right corner of your letter) to request Form 8962, Premium Tax Credit. It’s required when someone on your tax return had health insurance through Healthcare.gov (or a state Marketplace) and took the Advance Premium Tax Credit to lower their monthly premium. Form 8962 is created by entering your…
The Affordable Care Act (ACA) removed obstacles that prevented some people from buying health insurance but not everyone has signed up, and not everyone who did sign up kept their coverage. Because of that, millions will owe the individual shared responsibility payment, better known as the Obamacare penalty or ACA penalty when they file taxes. Who pays the…
